Formed in 1985, Merganser Capital Management is an SEC-registered investment adviser focused on the fixed income needs of institutional clients. As fundamental investors, we endeavor to understand the intricacies of fixed income vehicles in order to identify the securities and sectors that provide the most attractive risk/reward characteristics. Succeeding in this endeavor has allowed us to meet the needs and objectives of our clients and gain their trust. Capital preservation, liquidity and total return permeate all of our decisions.